Bitcoin (BTC) has soared to a five-month high price on Oct.8, surging $2,000 in two hours. The largest digital currency by market cap has reached $56,150 and as it shows a bullish momentum.
The Bitcoin rally comes ahead of the monthly U.S. jobs report. It is expected that the Federal Reserve (Fed) will launch the crisis-era stimulus in November.
Consequently, the largest cryptocurrency by price and market value blasted above the $56,000 mark reaching its highest level since May 12 while increasing the month-to-date gain by 27%.
The U.S. non-farm payrolls (NFP) report scheduled for release at 12:30 UTC on Friday is expected to show that the U.S. has added 500,000 jobs in September. The increase is two times larger than August’s 235,000 additions. Simultaneously, the jobless rate is predicted to drop to 5.1% from 5.2% according to data from FXStreet.
NFP reports will be ignored by Bitcoin this time
Since the Covid-19 pandemic appeared in 2020, Bitcoin has emerged as a hedge against inflation amid the crisis that flat money suffered from. Still, macro data releases such as the NFP report have been causing a negative impact on the digital token.
